The company is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables.
It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments.
As the company has no listed peers, it is trying to extract fancy price for its IPO.
Based on its overall financial data, the issue appears fully priced.
Well-informed investors may park moderate funds for long term.
About Company
Q-Line Biotech Ltd. (QBL) is engaged in the business of developing, manufacturing and marketing of diverse range of reagents (including kits and POC devices) & consumables and manufacturing, importing, distribution/supply of diagnostic equipment for different diagnostic healthcare needs. The company supplies diagnostic equipment and IVD products for different diagnostic healthcare needs since 2013 directly or through its distributor/s majorly to diagnostic service providers, hospitals and medical colleges.
The company has established its brands over a period of 12 years through its experience, R & D, manufacturing capabilities and quality assurance. The core segments of operations of the Company in IVD Industry include Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids).
QBLās key manufacturing segments include indigenous manufacturing of reagents including Clinical Chemistry, Haematology, Immunodiagnostics, Molecular Diagnostics and Others (POC Devices & Rapids) and supplying/ manufacturing of in-vitro diagnostics (IVD), Pathology equipmentās & devices. Further during the Covid-19 pandemic, the company diversified its focus and with the technical collaboration of third-party institutes and through its own R&D team developed a range of Covid testing kits viz. RT-PCR Kits, RNA Extraction Kits, VTM Kits etc.
It is research driven company engaged in developing and manufacturing a wide range of reagents formulations used across various IVD and diagnostic needs. The company leverages its R&D capabilities to develop and manufacture a portfolio of differentiated reagent formulations /products. Further, for its certain Class of Reagent & equipmentās and devices manufacturing business, the company has entered into technical collaboration with certain international companies. Under the agreement terms, it undertakes the manufacturing of these Reagent and equipmentās and devices as per the technical collaboration and specifications provided by the partners or companies.
With the help of these collaborations the equipment and devices adhere to strict quality control, international standards and certifications. As of March 31, 2026, the company employed 19 personnel at R&D laboratories, which constituted 5.25% of its total permanent employee strength. As of March 31, 2026, it had 362 employees on its payroll and additional 223 contract employees in various departments.
Issue Details / Capital History
The company is coming out with its maiden book building route IPO of 6253200 equity shares of Rs. 10 each to mobilize Rs. 214.48 cr. at the upper cap. The company has announced a price band of Rs. 326 - Rs. 343 per share. The minimum application to be made is for 800 shares and in multiples of 400 shares thereon, thereafter. The IPO opens for subscription on May 21, 2026, and will close on May 25, 2026. The IPO constitute 26.81% of the post-IPO paid-up capital of the company. The shares will be listed on NSE SME Emerge. From the net proceeds of the IPO, it will utilize Rs. 93.50 cr. for working capital, Rs. 90.00 cr. for repayment/prepayment of certain borrowings, and the rest for general corporate purposes.
The company raised Rs. 27.44 cr. in a pre-IPO placement of 800000 shares in May 2026, at Rs. 343 per share.
The IPO is jointly lead managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd., Purva Sharegistry (India) Pvt. Ltd., is the registrar to the issue. HEM groupās Hem Finlease Pvt. Ltd., is the market maker as well as a syndicate member.
The company has issued initial equity capital at par value. It raised further equity shares in the price range of Rs. 125 ā Rs. 417 between March 2019 and May 2026. It has also issued bonus shares in the ratio of 2 for 1 in March 2016, and 9 for 1 in August 2025. The average cost of acquisition of shares by the promoters is Rs. 0.00, Rs. 0.04, and Rs. 18.34 per share.
Post-IPO, companyās current paid-up equity capital of Rs. 17.07 cr. will stand enhanced to Rs. 23.33 cr. Based on the upper band of the IPO pricing, the company is looking for a market cap of Rs. 800.16 cr.
IPO Lead Managers & Registrar
Financial Performance
On the financial performance front, for the last three fiscals, the company has (on a consolidated basis) posted total income/ net profit, of Rs. 184.81 cr. / Rs. 32.10 cr. (FY23), Rs. 206.45 cr. / Rs. 34.44 cr. (FY24), Rs. 322.58 cr. / Rs. 28.13 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 38.69 cr. on a total income of Rs. 236.50 cr. Though it posted growth in its top lines for the reported periods, its bottom line posted inconsistency. For FY25, it posted lower net profit of Rs. 28.13 cr., and for 9M-FY26, though the top line is Rs, 236.50 cr. it posted bumper profit of Rs. 38.69 cr. in a pre-IPO period, that not only raise eyebrows, but also concern over its sustainability going forward. Despite higher other income for FY25, it marked lower net following extra-ordinary item of Rs. 16.97 cr. Its contingent liability stood at Rs. 61.64 cr. as of December 31, 2025, that raises alarm. Its overall borrowings of Rs. 242.57 cr. as of December 31, 2025, raise concern.
For the last two fiscals, the company has reported an average EPS of Rs. 25.00, and an average RoNW of 23.17%. The issue is priced at a P/BV of 2.44 based on its NAV of Rs. 140.81 per share as of December 31, 2025, but its post-IPO NAV data is missing from the offer documents.
If we attribute FY26 super earnings to its post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 15.51, and based on FY25 earnings, the P/E stands at 28.44. The issue appears fully priced, based on its bumper earnings for 9M-FY26, which may not be sustained.
For the reported periods, the company has posted PAT margins of 17.56% (FY23), 16.92% (FY24), 8.97% (FY25), 16.65% (9M-FY26), and RoCE margins of 22.14%, 19.25%, 17.66%, 13.32%, respectively, for referred periods.
All amounts in Indian Rupees crores
Period Ended
Revenue
Expense
PAT
Assets
2023
ā¹184.81
ā¹154.97
ā¹32.10
ā¹251.58
2024
ā¹206.45
ā¹175.85
ā¹34.44
ā¹339.25
2025
ā¹322.58
ā¹261.43
ā¹28.13
ā¹455.49
Dec 2025
ā¹236.50
ā¹186.96
ā¹38.69
ā¹561.34
Dividend Policy
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects.
Comparison with Listed Peers - for Fiscal 2025
As per the offer document, the company has no listed peers to compare with.
Name of the Company
Face Value (ā¹)
EPS basic (ā¹)Ā
EPS Diluted (ā¹)
RONW (%)
P/E Ratio
NAV (ā¹)
Powerica Limited
5
15.26Ā
15.26
15.37 %Ā
24.45
99.76
Listed Peers
Cummins India Limited
2
72.15Ā
72.15
26.45%
64.13Ā
272.78
Kirloskar Oil Engines Limited
2
33.71
33.60
15.85%
43.24
212.60
NTPC Green Energy Limited
10
0.67
0.67
2.58%
129.40
21.88
Acme Solar Holdings Limited
2
4.55
4.53
5.59%
50.74Ā
74.54
Adani Green Energy Limited
10
8.37
8.37
11.90%Ā
101.53Ā
76.62
Disclaimer: Above table shows earnings and P/E ratio as of 2025-26
Merchant Banker's Track Record
The two merchant bankers associated with this issue have handled 79 issues in the past three years, out of which 8 issues closed below the issue price on listing date.
Conclusion - Apply for medium to long term
QBL is engaged in the business of developing, manufacturing and marketing of diverse range of reagents and consumables. It posted growth in its top lines for the reported periods, but suffered a setback for FY25 in bottom line following accounting adjustments. As the company has no listed peers, it is trying to extract fancy price for its IPO. Based on its overall financial data, the issue appears fully priced. Well-informed investors may park moderate funds for long term.
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
FAQ Accordion
Q-Line Biotech IPO FAQs
1. What is Q-Line Biotech IPO?
ā
Q-Line Biotech IPO is SME IPO. The company is going to raise ā¹214 Crores via IPO. The issue is priced at ā¹326 to ā¹343 per equity share. The IPO is to be listed on NSE SME.
2. When Q-Line Biotech IPO will open for subscription?
ā
The IPO is to open on May 21, 2026 for QIB, NII, and Retail Investors. The IPO will close on May 25,2026.
3. What is Q-Line Biotech IPO Investors Portion?
ā
The investorsā portion for QIB is 50%, NII is 15%, and Retail is 35%.
4. How to Apply the Q-Line Biotech IPO?
ā
You can apply for Q-Line Biotech IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form.
5. What is Q-Line Biotech IPO Issue Size?
ā
Q-Line Biotech IPO issue size is ā¹214 crores.
6. What is Q-Line Biotech IPO Price Band?
ā
Q-Line Biotech IPO Price Band is ā¹326 to ā¹343.
7. What is Q-Line Biotech IPO Lot Size?
ā
The minimum bid is 800 Shares with ā¹2,74,400 amount.
8. What is the Q-Line Biotech IPO Allotment Date?
ā
Q-Line Biotech IPO allotment date is May 26,2026.
9. What is the Q-Line Biotech IPO Listing Date?
ā
Q-Line Biotech IPO listing date is May 29, 2026. The IPO is to list on NSE SME.
eClerx Services Buyback 2021 Record Date, Buyback Price & Details
eClerx Services Limited (NSE: ECLERX, BSE: 532927) buyback 2021 announced on 13 August 2021. The buyback record date is fixed to September 30, 2021. eClerx Services Ltd. is an IT Consulting and Outsourcing company. It is a multinational company based in Mumbai and Pune. The company listed on the bourses in 2007. The company was founded by PD Mundhra in 2000 with having over 8500 employees as per last quarter. They provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the worldās leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure, and technology companies.
Price Trend on BSE & NSE (Last 1 Year as on October 13, 2021):
Details
NSE
BSE
Latest Price
ā¹2247.00
ā¹2259.95
52 Week High
ā¹2457.00
ā¹2449.00
52 Week Low
ā¹669.00
ā¹669.05
eClerx Services Buyback 2021 Offer Details:
Buyback Record Date:
30 September 2021
Board Meeting Approval:
13 August 2021
Public Announcement:
13 August 2021
Buyback Open Date:
18 October 2021
Buyback Close Date:
31 October 2021
Buyback Offer:
ā¹303 Crores
Buyback Offer Size:
20.59%
Number of Shares:
1063157 Shares
Share Face Value:
ā¹10 per equity share
Buyback Price:
ā¹2850 per equity share
Buyback Type:
Tender Offer
eClerx Services buyback of 1063157 equity shares that is around 20.59% of all the existing number of equity shares at a price of ā¹2850 per equity share. The buyback offer not exceeding of ā¹42.20 crores of total buyback offer size.
eClerx Services Financial Report:
ā¹ in Crores
Revenue
Expense
PAT
2018
ā¹1365
ā¹998
ā¹290
2019
ā¹1431
ā¹1122
ā¹228
2020
ā¹1438
ā¹1113
ā¹209
2021
ā¹1564
ā¹1116
ā¹283
eClerx Services Buyback Eligible Share Holders:
The investors are eligible of the buyback scheme who have eClerx Services shares in their Demat account as record date is September 30, 2021. Investors can participate in the eClerx Services Buyback 2021 scheme as per the opening form by selling your shares. The payment will be given as per the accepted shares by the company under the eClerx Services buyback scheme.
eClerx Services buyback 2021 record date is September 30, 2021.
When is eClerx Services Buyback announcement Date?
NTPC buyback 2021 announcement date is August 13, 2021.
What is eClerx Services Buyback Price?
The company has fixed the price at ā¹2850 per share.
How to apply for eClerx Services Buyback 2021?
As per the record date you need to have eClerx Services shares in your Demat account. You can participate in buyback after having the stock in your account.
Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.
